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International product life cycle concepts combine economic principles, such as market development and economies of scale, with product life cycle marketing and other standard business models.
The four primary elements of the international product life cycle theory are
The structure of the demand for the product, manufacturing, international competition and marketing strategy of the company that invented or innovated the product.
These elements are categorized depending on the product’s stage in the traditional product life cycle. Introduction, growth, maturity, and decline are the stages of the basic product life cycle.
The Product life cycle model is inefficient when dealing with Brands or Services. Brands are not products but do have a life cycle of their own, and products belonging to a certain brand will experience a very different life cycle than the brand itself.
